Katılım Bankaları ve TCMB Arasında Likidite Yönetimi: Bir Depo Alım Modeli Önerisi

Year 2025, Issue: 124, 259 - 290, 01.10.2025

Fatih Kazancı

Abstract

Katılım bankacılığı sektörünün Türkiye Cumhuriyet Merkez Bankası (TCMB) nezdinde depo (mevduat veya plasman) alımına ilişkin mevcut imkânlarının kısıtlı olması nedeniyle, katılım bankaları fazla likiditelerini konvansiyonel bankalar kadar etkin ve kârlı bir şekilde değerlendirememektedir. Bu sorunun aşılmasına yönelik olarak, bazı merkez bankalarının vedia, rehin, emtia murabahası/teverruk ve yatırım vekâleti gibi farklı yöntemler kullandığı gözlemlenmektedir. Özellikle yatırım vekâleti yöntemi, söz konusu merkez bankalarının depo alım işlemlerinde tercih ettiği faizsiz finans prensipleriyle uyumlu bir model olarak öne çıkmaktadır. Bu çalışmada, üç farklı merkez bankasının yatırım vekâleti uygulamalarının benzerlikleri ve farklılıkları incelenmiş ve TCMB için faizsiz finans ilkelerine uygun bir depo alım modeli önerilmiştir. Yatırım vekâleti yönteminin tercih edilme nedeni, diğer yöntemlerin faizsiz finans ilkeleri açısından bazı sorunlar barındırmasıdır. Araştırmanın amacı, önerilen yatırım vekâleti temelli model aracılığıyla katılım bankalarının TCMB nezdinde Türk lirası ve döviz cinsinden faizsiz depo yatırımı yapabilme imkânına ulaşmasını sağlamaktır.

Keywords

Katılım Bankacılığı , Merkez Bankacılığı , Likidite Yönetimi , Yatırım Vekâleti Yöntemi

Liquidity Management Between Participations Banks With the CBRT: A Deposit Purchase Model Proposal

Abstract

Due to the limited availability of deposit (placement) facilities for participation banks at the Central Bank of the Republic of Turkey (CBRT), these banks are unable to manage their excess liquidity as efficiently and profitably as conventional banks. To address this issue, some central banks have adopted various methods such as vadiah, rahn, commodity murabaha/teverruk, and investment wakalah. Among these, the investment agency method stands out as a model compatible with interest-free finance principles and is preferred by certain central banks in their deposit purchase operations. This study examines the similarities and differences in the implementation of the investment wakalah method by three different central banks and proposes a deposit purchase model for the CBRT that aligns with interest-free finance principles. The choice of the investment agency method is due to certain jurisprudential issues associated with alternative methods. The aim of this research is to enable participation banks to make interest-free deposits in both Turkish Lira and foreign currency at the CBRT through the proposed investment agency-based model.

Keywords

Participation Banking , Central Banking , Liquidity Management , Investment Wakala Method

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